Countries producing fuel are seen as potential growth markets for fuel storage containers even during pandemics such as COVID-19. Furthermore, industries across the world are shutting down their operations due to unavailability of labor.
Decelerated primary energy consumption in 2019 amid growth in carbon emissions limited uptake of fuel storage containers for conventional fossil fuels, projects a new edition of consulting firm Fact.MR’s report on the market. Although oil & gas output remained sluggish throughout 2020, demand for fuel storage containers remained high as inventory pile up prompted companies to invest in storage infrastructure.
According to Fact.MR, the market is poised to expand at over 4% CAGR through 2031, experiencing 1.5x growth. While reliance on fossil fuels will continue, demand for low-carbon hydrogen is expected to further uplift growth prospects. As per the International Energy Agency, production of low-carbon hydrogen is poised to increase to 0.55 million tons per year by 2021-end, compared to 0.46 million tons per year in 2020.
Realizing its potential, prominent manufacturers have designed highly sophisticated fuel storage containers. For instance, INOXCVA, a leading Indian industrial gases specialist, offers a broad spectrum of bulk storage tanks for hydrogen storage, ranging from 4,000-10,000 liters equipped with perlite imbued vacuum or multi-layer super insulation.
“Increasing foray towards sustainable energy alternatives is prompting manufacturers to design fuel storage containers to store more environmentally friendly sourced alternatives, providing a wide platform for market expansion,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Fuel Storage Containers Study
· By product type, 5 gallon portable fuel containers to experience higher adoption
· Demand for 55 gallon fuel storage containers is not likely to wane, accounting for over half of the revenue share
· High fuel production volumes to keep the US market at the forefront in North America
· UK to emerge a lucrative market, attributed to growing fossil fuel consumption for electricity generation
· Germany and France to experience deceleration amid growing tilt towards unconventional energy sources
· Reduction on import reliance catapulting domestic fuel production across India and China, uplifting growth prospects
Fuel Storage Containers Market- Prominent Drivers
Surging demand for conventional fossil fuels to power automobiles and electricity generation plants stimulating demand for robust fuel storage infrastructure
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